50 Cent’s Connecticut mansion has NOT been sold yet, despite a report claiming it’s officially set to become an “old folks home.” Gossip Cop can exclusively correct the story. Both the rapper’s rep and his attorney tell us the claims are currently “wrong.”

The generally-reliable TMZ reported on Wednesday, “50 Cent’s massive estate in Farmington, Connecticut has finally found a buyer and they’re planning on turning the sprawling 52-room home into an assisted living facility.” The site claimed, “TMZ has learned the home sold for $8 million … $10.5 million less than 50’s original listing price almost a decade ago.” It was even said that the property’s “resort-like amenities sound like a perfect fit for the buyer who is modifying zoning so it can be converted into the old folks home pending the town’s approval.”

Gossip Cop has confirmed, however, that no sale has taken place. A rep exclusively tells us, “50’s house is not sold yet. They are entertaining multiple offers but nothing has gone to contract.” And in an statement exclusive to Gossip Cop, a lawyer for 50 Cent says, “While Mr. Jackson’s exclusive broker has received numerous inquiries from prospective purchasers and one developer specifically interested in converting the property for an assisted living facility, no contract for sale has been executed and the property has not yet been sold.”

The attorney points out that the only legal paperwork “recently filed with the Connecticut Bankruptcy Court was an application to retain local counsel to evaluate and negotiate a potential offer from an interested buyer.” Gossip Cop is further told, “No sale of the property will occur without the prior approval of the Court and no such application for that approval has been made as of this date.”

50 Cent’s attorney adds, “Until such time as a formal contract has been fully approved and executed, the property will remain listed and for sale to all qualified and interested buyers.” While the residence could end up going into contract with the potential buyer who wants to create the assisted living facility, right now TMZ has jumped the gun.